Lampsa Hellenic Hotels (LAMPS) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached €56.12m, up 14.05% year-over-year, surpassing pre-pandemic levels, driven by strong leisure tourism and higher average room rates.

• Net profit after tax for the group was €9.07m, more than double the €3.91m in H1 2023.

• EBITDA rose 43.5% to €17.59m, with margin improving to 33% from 27% year-over-year.

• Key hotel assets in Athens and Belgrade all reported significant sales growth, especially King George (+43.4%) and Athens Capital (+23.4%).

Financial highlights

• Gross profit increased to €23.08m (margin 41.13%), up from €19.14m (38.89%) in H1 2023.

• Administrative expenses rose to €9.83m, mainly due to higher personnel costs.

• Financial expenses decreased by €222k due to lower interest on bank loans.

• Earnings per share reached €0.4179, up from €0.1831 in H1 2023.

• Cash and equivalents at period end were €15.65m, down from €31.57m at year-end 2023, reflecting investments and capital increases.

Outlook and guidance

• Management expects continued strong revenue growth in H2 2024, with positive trends in leisure and business travel.

• The negative working capital position is expected to normalize by year-end through operating cash flows.